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The Stock Price Reaction to Investme...

Jianchuan, Luo.

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The Stock Price Reaction to Investment News: New Evidence from Modeling Optimal Capex and Capex Guidance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The Stock Price Reaction to Investment News: New Evidence from Modeling Optimal Capex and Capex Guidance./
作者:	Jianchuan, Luo.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
面頁冊數:	91 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10591901
ISBN:	9781369729535

The Stock Price Reaction to Investment News: New Evidence from Modeling Optimal Capex and Capex Guidance.
Jianchuan, Luo.

The Stock Price Reaction to Investment News: New Evidence from Modeling Optimal Capex and Capex Guidance. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 91 p.

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)--New York University, Graduate School of Business Administration, 2016.

Extant literature documents a weak positive stock price reaction to the announcement of new investments. A weak reaction is likely due to the lack of identification for the optimal investment levels and an omission of concurrent investment guidance. To address the lack of identification, I develop an accounting-variable-based model to proxy for optimal capital expenditures (capex) at the firm-year level. To address the omission of concurrent investment guidance, I employ recently available data on capex guidance. I hypothesize and find that when a firm's capex diverges from the estimated optimal level, its stock price declines. Given divergence, the stock price decline is more severe when the firm overinvests. Moreover, controlling for self-selection, there is a positive market reaction to the issuance of capex guidance. Lastly, I hypothesize that capex guidance reduces information asymmetry between management and investors. I find that the negative stock price reaction to divergence disappears when a firm issues capex guidance, consistent with investors aligning their views about the optimal capex level with a manager's guidance.

ISBN: 9781369729535Subjects--Topical Terms:

557516
Accounting.

The Stock Price Reaction to Investment News: New Evidence from Modeling Optimal Capex and Capex Guidance.
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